AgBank reportedly halts property-sector lending

ChrisOliver

HONG KONG (MarketWatch) -- Agricultural Bank of China Ltd.
1288, +0.24%601288, -1.31%
has temporarily stopped lending to property developers, although it is expected to lift the suspension in September, according to reports Thursday. The pause in lending to developers was self-initiated by the bank as it seeks to rebalance the composition of its lending, and was not ordered the nation's banking regulator, according to a report by the Shanghai Securities News. Some reports said AgBank will begin the suspension Monday. Shares of AgBank traded 1.8% higher in Hong Kong and 0.4% higher in Shanghai midday Thursday.

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